December 28, 2004
De-gentrification on the Island of Misfit Toy Stores
Only recently out of bankruptcy, the legendary FAO Schwarz toy shop -- with a new high-end focus -- exceeded its own expectations this holiday season, while mass market Toys 'R' Us announced it will close one of its two Manhattan stores. The flagship Fifth Avenue FAO Schwarz location had tourists lining up around the block nearly every day since Thanksgiving, the New York Post reports. Customers bought $130 "designer" Barbies, $20 custom-made Hot Wheels and one unidentified shopper blew $100,000 on a gift card. When the store opened a month ago, analysts were concerned the shoppers would browse but not buy.
Downtown, the news wasn't so good for Toys 'R' Us, which used to dominate toy sales but is now gasping at No. 3 under Wal-Mart and Target, Newsday reports. Toys 'R' Us will keep its flagship store on Times Square, but will close its Union Square location in February or March and reopen as a Babies 'R' Us.
Earlier: FAO Schwarz: a place to play or shop?
FAO Schwarz to reopen in time for the holidays
December 28, 2004 09:24 AM in Kids, Shopology
Comments (0)
®Copyright 2006, All Rights Reserved
|
